REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
FOR |
|
BRITISH INTERNATIONAL INDUSTRIES LIMITED |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
FOR |
|
BRITISH INTERNATIONAL INDUSTRIES LIMITED |
BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2019 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Abridged Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
BRITISH INTERNATIONAL INDUSTRIES LIMITED |
|
COMPANY INFORMATION |
For The Year Ended 31 December 2019 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808) |
|
ABRIDGED BALANCE SHEET |
31 December 2019 |
|
2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one year | ( |
) | ( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings |
|
|
|
|
|
|
|
|
|
The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act
2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808) |
|
ABRIDGED BALANCE SHEET - continued |
31 December 2019 |
|
|
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
|
|
|
|
|
|
|
BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808) |
|
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2019 |
|
|
1. | STATUTORY INFORMATION |
|
British International Industries Limited is a
|
company's registered number and registered office address can be found on the Company Information page. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with the provisions of Section 1A ''Smaller Entities'' of |
Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' |
and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
|
Turnover |
Turnover represents sales of aviation goods and services, excluding value added tax, sold and performed during the |
year. |
|
Turnover is recognised as the right to consideration arises and adjustments are made for accrued and deferred income. |
|
Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly |
attributable to making the asset capable of operating as intended by management. |
|
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
|
Plant and machinery | - | 15% reducing balance |
Fixtures and fittings | - | 15% reducing balance |
Computer equipment | - | 25% on cost |
|
Stocks |
Stocks are stated at the lower of cost and estimated selling price, less costs to complete and sell. Cost includes all costs |
of purchase, including costs to bring stock to its present location and condition. Provision is made for damaged, |
obsolete and slow-moving stock where appropriate. |
|
Financial instruments |
The company enters into basic financial instruments, which result in the recognition of financial assets and liabilities. |
Financial instruments are recognised at amortised cost. At the end of each reporting period financial instruments are |
assessed for evidence of impairment, and changes are recognised in profit or loss. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the |
extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or |
past reporting periods. |
|
Deferred tax represents the future tax consequences of material transactions and events recognised in the financial |
statements of current and previous periods. |
|
Current and deferred tax assets and liabilities are not discounted and are recognised at the amount of tax payable using |
the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
|
Foreign currencies |
Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange ruling |
at the date of the transaction. Balances at the year-end denominated in a foreign currency are translated into sterling at |
the rate of exchange ruling at the balance sheet date. |
BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2019 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable are charged to the profit and loss |
in the period to which they relate. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2019 |
|
Additions |
|
At 31 December 2019 |
|
DEPRECIATION |
At 1 January 2019 |
|
Charge for year |
|
At 31 December 2019 |
|
NET BOOK VALUE |
At 31 December 2019 |
|
At 31 December 2018 |
|
|
5. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2018 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
In more than five years |
|
|
|
|
BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2019 |
|
|
6. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2019 | 2018 |
£ | £ |
Finance loan | 236,741 | 292,969 |
|
A fixed charge, floating charge and negative pledge was created over the fixed and current assets of the company on 17 |
January 2018 by Security Trustee Services Limited to secure all monies due or becoming due. |
|
Joint and several personal guarantees in the sum of the total outstanding credit were given by the directors. |
|
7. | POST BALANCE SHEET EVENTS |
|
After the balance sheet date, the World Health Organisation declared Covid-19 a pandemic and subsequently the UK |
went into lockdown on 24 March 2020. Although some restrictions have since been lifted, limitations on overseas travel |
during the period have meant that the aviation industry has been adversely affected and as a result this has severely |
restricted the company's ability to trade. It is not possible to estimate any long-term financial implications from this |
unusual situation, however the directors are confident that the company will be able to continue to trade for the |
foreseeable future and have taken advantage of government support to ensure that all liabilities could be met. |